Our company engaged Keystone Capital for an equipment lease of $1,700,000.We were told that a deposit of $35,495.82 will be required for first months payment to begin the lease.Beforehand, we had sent financials(personal and business), and all other necessary information they had requested.Ed Popal from Keystone indicated there would be no problems for closing and it will be very quick as well.We then sent the required deposit of $35,495.82 to Keystone in "Good Faith".Keystone then turned us onto another individual Peter Matera that could neither confirm nor deny he was employed by Keystone.Peter mentioned two men-Peter Bowen and someone by the name of Mitch that he would like us to conference call with.He said we will talk to Mitch first and demanded we do not mention Peter Bowen's name.All of us conferenced with Mitch-Banker's Capital.After the call,Mitch made contact to myself and our CPA, and asked us who the "H***" is Keystone and who is Ed Popal.We then realized we had been misrepresented by Keystone,realized that the equipment lease will never commence and requested our deposit of $35,495.82 be returned, on company letterhead.Ed's email to me said our transaction is being closed out and unwinded.This was after numerous emails and calls over a 3-4 week period.His latest email dated 1-13-10 stated that Keystone elected to refer the file to their legal counsel and he does not have any more information at this time as the file is no longer on his desk.And that a package has been mailed to us from their legal counsel and at this point and time and moving forward,all future discussions should be made directly with Keystone's legal counsel.The lease was never commenced from Keystone and we would just like a full refund of our deposit of $35,495.82. In addition I have found the Banker's Capital full contact name, which is Mitch Larkin. Mitch indicated to myself and our CPA-that the Keystone proposal was in fact a "FANTASY" and requested to view our commitment letter with them. He said he wanted to review this, in order to see how we can obtain our deposit of $35,495.82 be returned. In fact, Mitch demanded we get these funds returned and engage their firm (Banker's Capital) to finance the deal of the $1,700,000.

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6 Updates & Rebuttals

Brandon B

Barberton,
Ohio,
United States of America

Response

#2Author of original report

Sat, March 06, 2010

The Attorney Generals Office will not mediate for any parties complaints. It is to merely go on record to notify them of illicit business practice behavior. There are already four complaints against Keystone Capital with the Texas Attorney Generals Office. However, the Office of the Currency Administrator of National Banks (OCC) www.occ.treas.gov and the Federal Trade Commission (FTC) www.ftc.gov are good agencies to file complaints with as well.

I find it impossible to believe that Keystone feels they are justified in keeping our total deposit of $35,495.82, when they did not and failed to deliver any such equipment lease of $1.7mm. What do you feel you have done, that is worth this amount, to not refund?? Confernce calls and E-mails?? Because that is all that was done by your company, not one cent of the lease was ever funded to us and the finance company that you put us in contact with-has never even heard of Keystone Capital or Ed Popal. Keystone is the one that has misrepresented themselves, they had no intention, from the beginning, to finance us. Our company made you aware of everything and every milestone before we engaged you.

Please tell me the name of this "agency" that monitors applicants who misrepresent and lie in order to obtain financing. We have been in business for over 65 years and we have nothing to hide. I would love to talk with them, please have them call me direct. 330-745-4013 or 330-745-4408 ext. 120.

You can still have me make a positive post about your company, if that is, we are ever refunded in some way. Ed, you have my contact info. Call or write me to discuss.

Keystone capital

Austin,
Texas,
USA

Update

#3REBUTTAL Owner of company

Fri, March 05, 2010

The Ohio Attorney Generals office has dismissed this complaint. It is our firm position, and well supported by documented facts, that this company deliberately lied and misrepresented important information in order to obtain financing. When this failed, they tried to bully their way out of their contractual penalty by resorting to a smear tactic campaign.

Please note that this company has been reported to the appropriate agency that monitors applicants who misrepresent and lie in order to obtain financing. This agency works with hundreds of lenders nationwide and they will be able to access our facts and experience with this customer and its actions. Lenders lose billions of dollars per year on this sort of activity.

Brandon B

Barberton,
Ohio,
United States of America

Keystone's version of the facts are completely false and untrue

#4Author of original report

Tue, March 02, 2010

Our legal counsel, CPA and colleagues of our company provided all facts and full disclosure of what we needed to accomplish on conference calls with Ed Popal from the very beginning, before (Keystone) was ever engaged with the deposit of $35,495.82 by our company. This process was also overseen by a United Stated States Federal Bankruptcy Court in Ohio. For you, (Keystone) to even have to respond to numerous allegations by other clients on this site, demonstrates your poor business ethics, morals and finally- absolutely no intention of providing financing to any client or legitimate business whatsoever. An appraisal of the equipment we were financing, was never even considered or accomplished by Keystone. Please do not let this company fool anyone else that reads this post. They are professional con artists. At this point we are out $35,495.82 and I feel it is my duty to protect other future potential clients from being scammed by your organization.

Keystone capital

Austin,
Texas,
USA

Content of complaint is untrue and incorrect

#5REBUTTAL Owner of company

Mon, March 01, 2010

The content in this complaint is incorrect and as such the matter is being handled by our corporate council. Had the customer provided full disclosures and been forthcoming from the onset and presented accurate facts, there would be no need for our legal council to interject in this matter. There are several documented misrepresentations by this customer which is why our legal council is only at liberty to communicate with this customer.

Brandon B

Barberton,
Ohio,
United States of America

BBB and Attorney General

#6Author of original report

Thu, February 25, 2010

I have also contacted and filed a complaint with the Better Business Bureau (BBB) and there are 17 complaints against this company. I was told there was nothing the BBB could do and my case/complaint is now closed. In addition, I contacted both the Attorney General in Texas and in Ohio. There has been no resolution by either, to date.

Brandon B

Barberton,
Ohio,
United States of America